SC holds six Indiabulls' directors guilty of contempt
The Supreme Court has held six directors of Indiabulls company, including founders Sameer Gehlaut and Gagan Banga, guilty for contempt for transferring 12,25,000 shares of Fortis Healthcare Limited (FHL) by Indiabulls Ventures Limited (IVL) to Indiabulls Housing Finance Ltd(IHFL) in September 2018 in violation of the the court's order. A bench of Chief Justice Ranjan Gogoi, Deepak Gupta and Sanjiv Khanna, which also convicted former Fortis Healthcare promoters Malvinder & Shivinder Singh for contempt of court for diverting the shares of FHL, said Indiabulls transferred the shares despite being aware of the court's order for maintaining status quo. It said, "No person or institution howsoever powerful, can be permitted to misuse the process of the court." The court said Gehlaut, Banga and other active directors of IVL and IHLF Ashwini Kumar Hooda, Sachin Chaudhary, Divyesh Bharat Kumar Shah and Pinank Jayant Shah had "knowingly and wilfully" disobeyed the court. The court granted an opportunity to get themselves purged from contempt by depositing the value of 12.25 lakh shares as on August 31, 2017 within eight weeks.
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